There has been confusion as to whether freight brokers need their bond by 10/1 or 12/1. What is clear is that many carriers working with brokers are requiring them to have their $75,000 bond to be in place by October 1st if they wish to do business. JW Surety Bonds Keeping Brokers Compliant JW Surety read more »
Freight brokers throughout the country are beginning to receive “Revocation of Authority” letters from the FMCSA. There is no need to panic, as this is all part of the process of phasing out the $10,000 bond requirement. However, it is urgent that freight brokers determine their plan to fulfill the new $75,000 requirement. Wait & read more »
BMC-85 trusts can be a nice stable solution for freight brokers that are financially strong enough to be capable of parting with $75,000. Putting up that kind of money is not an option for most. Now that the “group bond” has been officially listed as unacceptable by the FMCSA, freight brokers are left with two read more »
The state of South Dakota has enacted a new surety bond claim procedure for warehouseman bonds. The new law is labeled HB 1036 and modifies the claim procedure for bonds obtained by grain warehousemen. The present legislation requires anyone who intends to file a claim on a grain warehousemen’s bond to inform the Public Utilities read more »
A couple of surety bond requirements were eliminated in Texas due to a new law. The new law is named HB 3167/SB 1168 and removes the law requiring bonds in the amount of $10,000 and $5,000 for talent agencies and personnel services respectively.
Credit service organizations must follow special surety rules in Texas thanks to a new law. The new law is titled HB 2594 and requires credit service organizations who participate in deferred presentment transactions or motor vehicle title loans to acquire a surety bond. The required bond must be in the lesser amount of $10,000 for read more »